The US Department of Commerce has released preliminary steel import data for September showing that steel imports registered a significant increase of almost 15 percent in September over August.
Total steel imports in September 2008 were 2.92 million net tons compared to 2.54 million nt in August 2008, a 14.7 percent increase, and a 22.3 percent increase compared to September 2007. However, year-to-date figures show that imports decreased 7.0 percent compared to 2007.
Product categories which saw large increases in imports in September compared to the previous month included: All Other Coated Sheet and Strip (up 73 percent); Plates in Coils (up 51 percent); Line Pipe (up 48 percent); Oil Country Goods (up 46 percent); and Hot Dipped Galvanized Sheet and Strip (up 34 percent).
In its press release on the September import totals, US domestic steel industry group, the American Iron and Steel Association (AISI), pointed out that the largest volume of finished imports from offshore in September was China, with 567,000 nt, a total that is up 15 percent from August, comprises 23 percent of all finished imports and is equal to the entirely monthly tonnage from Canada and Mexico. "Much of this tonnage is in high-value products still receiving government export tax rebates," AISI commented.
However, US steel importer group, the American Institute for International Steel (AIIS) had a different take on the September imports, commenting that the levels were still "modest." AIIS president Dave Phelps remarked on the September import data, "Imports increased nearly 15 percent over depressed levels in August, reflecting an improvement in order taking in mid-summer. While imports at this level are still modest, they do point to an improved competitive environment for steel imports and especially imports arriving into the hot energy related markets, pipe and tube and plate products. We expect that imports for the remainder of 2008 will remain at modest levels, finishing the year at just over 32 million tons. Given the current depressed level of demand for steel in the US market, it is difficult to predict when in 2009 imports will rebound to more healthy levels."